Foreclosure Auction Update, Seattle Condo Sells For 58% Less Than Last Market Sale

Unit #1204 at 2200 Westlake: Sold for $1 over minimum bid. For those of your unfamiliar with the auctions. That means that only one investor was bidding on the unit and acquired it for just $1 more then what the bank was asking. What a win. It sold for $265,501. That is a 58% reduction from its last market sale in 2007! That is just $274 per square foot for concrete and steel construction.

Unit #508 at The Concord: This unit had a very different result. The sale was postponed. This can happen if the unit owner files bankruptcy, talks the bank into a delay of sale, successfully sells the unit as a short sale, or when the bank decides to delay the proceeding. At any rate, it did not sell and we’ll keep it on our radar in the coming months.